The "Change MPs" bloc has submitted an urgent draft law to the Parliament "to amend Law 86/42 to fortify the protection of gold assets held by the Central Bank of Lebanon." The draft law was accompanied by the following rationale and justifications for urgency:
"In the midst of the financial crisis that is undermining the foundations of the national economy and has led to the depletion of depositors' funds in banks, the impoverishment of citizens, and the destabilization of social and food security, at a time when everything that remains of reserves and mandatory investments at the Central Bank is being violated, and as it is no longer possible to ensure the safety of the gold assets at the Central Bank — especially since voices have recently risen calling for the use of gold to cover the enormous gap accumulated in the banking sector.
Any operation concerning the gold assets would inevitably lead to a comprehensive economic collapse, particularly in the absence of any integrated economic, financial, and social plan. Law No. 86/42, issued on September 24, 1986, prohibited the sale of gold assets at the Central Bank and their management, but it did not address other physical or financial operations that might affect these assets aside from sale and management, such as swaps, pledges, and options, nor did it prohibit the transfer of gold from one place (or country) to another.
Moreover, the aforementioned law did not include any penalties for violating its provisions, and it is essential to include a penalty since there can be no penalty without a text. It is necessary to expand the scope of Law 86/42 to fortify the protection of gold assets at the Central Bank, strictly and unequivocally prohibiting anyone from conducting any operation concerning the ownership, management, or investment of these gold assets or encumbering them with any burdens or transferring them, except by explicit legislative text issued by the Parliament.
Accordingly, we present the present draft law to amend the sole article of Law 86/42, which prohibits the sale of gold assets at the Central Bank. Therefore, we submit to the esteemed Council the attached urgent draft law, requesting its discussion and approval."
